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British Columbia  ->   BC Budgets   -> Budget 2022

BC 2022 Budget - February 22, 2022

All budget proposals are subject to legislative approval.

Bill 6 Budget Measures Implementation Act, 2022 was tabled February 22, 2022.

Forecast Budget Deficits

bullet2021-22 $0.5 billion
bullet2022-23 $5.5 billion
bullet2023-24 $4.2 billion
bullet2024-25 $3.2 billion

Total Provincial Debt Forecast

bulletMar 31, 2021 $91.5 billion
bulletMar 31, 2022 $105.4 billion
bulletMar 31, 2023 $117.3 billion
bulletMar 31, 2024 $125.8 billion

Income Tax Credits

Clean buildings refundable income tax credit

bulletnew, temporary tax credit of 5% of qualifying expenditures
bulletfor qualifying retrofits that improve energy efficiency of eligible commercial and multi-unit (4 or more units) residential buildings
bulletfor corporations with a permanent establishment in BC, or an individual, including a trust, that:
bulletis resident in BC, or
bulletis not resident in BC but has income earned in BC for income tax purposes
bulletexpenditures must be made or incurred under terms of an agreement entered into after February 22, 2022 and paid before April 1, 2025
bulletlegislation is included in Bill 6 (link above)

Equity tax credit budget for clean technology

bullettemporarily increased for the 2022 to 2024 years by $2.5 million to $41 million
bulletincrease is allocated to investments made in clean technology businesses
bulletPersonal small business venture capital tax credit
bulletCorporate small business venture capital tax credit

Tax credits extended

Scientific research and experimental development tax credit:

bulletextended for 5 years to August 31, 2027

Tax credits extended for 2 years to the end of 2024:

bulletshipbuilding and ship repair industry tax credit
bullettraining tax credit for apprentices
bullettraining tax credit for employers

Sales Taxes

bulletEffective Feb 23, 2022:
bulletPST exemption for used zero-emission vehicles (ZEVs)
bulletpassenger vehicle surtax threshold for ZEVs increased to $75,000 from $55,000
bullethydrogen fuel is classified as a Category 1 alternative motor fuel and is exempt from motor fuel tax if:
bulletit is purchased for use in an internal combustion engine vehicle, and
bulletit is not produced by electrolysis using coal-generated electricity, unless the carbon dioxide emitted is captured and stored or captured and sequestered.
bulletEffective Apr 1, 2022:
bulletPST exemption for heat pumps
bulletPST on fossil fuel combustion systems that heat or cool buildings or water increased to 12%
bulletEffective July 1, 2022:
bulletbusinesses that are marketplace facilitators for sales or leases of certain goods, services or software for third parties through their online marketplace will be required to collect and remit tax on certain BC sales and leases.
bulletmarketplace facilitators will be required to charge PST on marketplace services they provide to sellers.
bulletPST exemption for tobacco is removed
bulletEffective Oct 1, 2022:
bullettax on private sales of motor vehicles will be based on the greater of the reported purchase price and the average wholesale value of the vehicle - this does not apply to a trade-in.

For information on all tax changes see BC Provincial Budget Tax Changes.

The above does not include all fiscal measures.  See Budget 2022 on the BC website for complete budget details.

Revised: June 10, 2022

 

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